7XWRULDO3XE0HG -RVp5DPyQ$JXLODU (3(6630iODJD &DUDFWHUtVWLFDV 3XE0HGHVJUDWXLWR 3XE0HGRIUHFHDFFHVR DGRVEDVHVGHGDWRV 0('/,1(\35(0('/,1( 3XE0HGVHDFWXDOL]DVHPDQDOPHQWH 0('/,1(HVODEDVHGHGDWRVELEOLRJUiILFDGHOD 1DWLRQDO/LEUDU\RI0HGLFLQHTXHDEDUFDORVFDPSRVGH ODPHGLFLQDHQIHUPHUtDRGRQWRORJtDYHWHULQDULDVDOXG S~EOLFD\FLHQFLDVSUHFOtQLFDV R EiVLFDV /DEDVH FRQWLHQHPiV GH PLOORQHV GH FLWDVGHVGH /DEDVH0('/,1( FRQWLHQHFLWDVELEOLRJUiILFDV \ UHV~PHQHV GH DSUR[LPDGDPHQWH SXEOLFDFLRQHV ELRPpGLFDV &RPREXVFDU (VWUDWHJLD GH E~VTXHGD &XDQGRXWLOL]DURSHUDGRUHVOyJLFRV 7UXQFDFLyQ %~VTXHGD GH IUDVHV (MHUFLFLRV (VWUDWHJLD GHE~VTXHGDEiVLFD (OLMD XQ WHPDSDUDEXVFDU SRU HMHPSOROD YDFXQDFLyQDQWLJULSDOEHQHILFLD D ORVDQFLDQRV" 'LYLGD HO WHPD HQ FRQFHSWRV (QFXHQWUHODVSDODEUDV FODYH NH\ZRUGVR HQFDEH]DGRV GH WHPDVPpGLFRV 0H6+TXH UHSUHVHQWHQHVWRVFRQFHSWRV &RPELQH ORVFRQFHSWRV FRQ ORVRSHUDGRUHV OyJLFRV $1'25R127 )RUPXODULRSDUD OD HVWUDWHJLD GH E~VTXHGD HU&21&(372 BBBBBBBBBBBB 25BBBBBBBBBBBB 25BBBBBBBBBBBB GR&21&(372 $1'BBBBBBBBBBB 25BBBBBBBBBBBBBB 25BBBBBBBBBBBBBB HU&21&(372 $1'BBBBBBBBBBB 25BBBBBBBBBBB 25BBBBBBBBBBBB 2SHUDGRUHVOyJLFRV RERROHDQRV /RVRSHUDGRUHV ERROHDQRVVRQ$1'25\ 127 '(%(1VHU HVFULWRV HQ PD\~VFXOD ÒVHORVFXDQGR FRPELQH PiV GHXQ FRQFHSWR R VHQWHQFLDV GH E~VTXHGD &RPELQDQGRORVFRQFHSWRV FRQ25 YDFFLQDWLRQ25 YDFFLQH %XVFDODVFLWDV TXH FRQWHQJDQFXDOTXLHUD GH ORV WpUPLQRV25 REWHQGUi PDVFLWDV &RPELQDQGRFRQFHSWRV FRQ$1' LQIOXHQ]D$1' YDFFLQDWLRQ %XVFDODVFLWDVTXHFRQWHQJDQ DPERV WpUPLQRV $1' REWHQGUi PHQRVFLWDV 2UGHQ GH ORVRSHUDGRUHV ERROHDQRV 6LXWLOL]D GRVR PiVRSHUDGRUHV HQ XQDVHQWHQFLD GH E~VTXHGD HOGHOD L]TXLHUGDHVSURFHVDGRSULPHUR LQIOXHQ]D$1'YDFFLQH25YDFFLQDWLRQ REWHQGUi DUWtFXORVTXHFRQWHQJDQORVWpUPLQRV LQIOXHQ]D\YDFFLQH SHURWHPELpQREWHQGUi ORV DUWtFXORVVREUH YDFFLQDWLRQQHXPRQLD VDUDPSLyQ WpWDQRVHWF SDUDFDPELDU HO RUGHQ XVH SDUpQWHVLV LQIOXHQ]D$1'YDFFLQH25YDFFLQDWLRQ 7UXQFDFLyQ 8VHHO DVWHULVFR FRPR XQ VXEVWLWXWRSRUFDUDFWHUHV 3RUHMHPSORULVN REWLHQH ULVNULVNVULVNWDNLQJ 8VDU LQIHFWLRQ QR REWHQGUi LQIHFWLRQFRQWURO SRUTXH KD\XQ HVSDFLROXHJR GHOD SDODEUD LQIHFWLRQ1R UHFXSHUDIUDVHV 8WLOL]DODV SULPHUDYDULDQWHV GHOD UDt] 'HVKDELOLWD ODH[SORVLyQ DXWRPiWLFD GH ORV WpUPLQRV0H6+ 'HVKDELOLWD HO PDSHRDXWRPiWLFR %~VTXHGD GH IUDVHV (QFXHQWUDDXWRPiWLFDPHQWHIUDVHVOyJLFDV GH XQD OLVWD HM3RLVRQLY XWLOLFHFRPLOODV SDUDDVHJXUDUVHTXHOD IUDVHHV UHFRQRFLGDHM³HYLGHQFHEDVHG´ 'HVKDELOLWD OD H[SDQVLyQDXWRPiWLFD GH WpUPLQRV ³+HDOWKSODQQLQJ´ LQFOX\HFLWDV FRQHO WpUPLQR 0H6++HDOWK3ODQQLQJ SHUR QR REWHQGUi WpUPLQRVPiVHVSHFtILFRVFRPR +HDOWK&DUH 5HIRUP %~VTXHGD GH IUDVHV &XDO GH ODVVLJXLHQWHVE~VTXHGDVREWHQGUi 0$6 UHIHUHQFLDV" 9DFFLQH$1' YDFFLQDWLRQ 9DFFLQH25 YDFFLQDWLRQ 9DFFLQH127 YDFFLQDWLRQ %~VTXHGD 6LPSOH (QHVWDVHFLyQ OH PRVWUDUHPRVFRPRUHDOL]DUE~VTXHGDV UiSLGDV \ IiFLOHV (VWHWLSR GH E~VTXHGDHVLGHDO SDUD %~VTXHGD GHXQ DXWRU &XDQGR VRORVH EXVFD XQ WpUPLQRHVSHFtILFR %~VTXHGD GH XQDSXEOLFDFLyQ 2EWHQHUORVDUWtFXORVPiVUHFLHQWHV GHO 35(0('/,1( 3DUD E~VTXHGDVPiVFRPSOHMDVHOLMD OD VHFFLyQ GH %~VTXHGD$YDQ]DGD %~VTXHGD 6LPSOH ,QJUHVH HOR ORVWpUPLQRVSDUD OD E~VTXHGD HQHO IRUPXODULR 6HDUFK 3XHGHXWLOL]DU 25$1'R1273XE0HG DXWRPiWLFDPHQWHFRPELQDUi ORVWpUPLQRV FRQ$1' XWLOL]DQGR HO PDSHRDXWRPiWLFR/RV WpUPLQRV VRQ PDSHDGRVFRQWUDOD WDEOD GH WpUPLQRV 0H6+OD WDEOD GH SXEOLFDFLRQHVOD OLVWD GH IUDVHV \HO tQGLFH GH DXWRUHV HQ HVHRUGHQ %~VTXHGD 6LPSOH QRPEUHV GH DXWRU /RVQRPEUHV GH DXWRU GHEHQ VHU LQJUHVDGRV GHODIRUPD 6PLWK-%SHURODVLQLFLDOHV VRQ RSFLRQDOHV DSHOOLGR GHO DXWRU FRQ LQLFLDOHV 3XE0HG DXWRPiWLFDPHQWHWUXQFD HO QRPEUH GHO DXWRUSDUDSHUPLWLU WRGDVODVFRPELQDFLRQHVSRVLEOHV GH LQLFLDOHV \ GHVLJQDFLRQHVFRPR -URQG 6LVyOR VH LQJUHVD HO DSHOOLGR GHO DXWRU VLQ LQLFLDOHV 3XE0HG EXVFDUi HVHQRPEUH HQHOFDPSR$OO)LHOGV DVL FRPR HQHOFDPSRGHO DXWRU %~VTXHGD 6LPSOH (O QRPEUH GHOD SXEOLFDFLyQ R-RXUQDO SXHGH VHU LQJUHVDGDFRPSOHWD FRPR DEUHYLDWXUDYiOLGD GH0('/,1( R FRPRQ~PHUR ,661 %~VTXHGD 6LPSOH /XHJR GH FOLFNHDU HO ERWyQ ³*R´ VH PRVWUDUiQVXVORVUHVXOWDGRV %~VTXHGD 6LPSOH ([LVWHIRUPDWRV GH PXHVWUD GH FLWDV R 'LVSOD\ DGLFLRQDOHV GLVSRQLEOHV HQHO PHQ~ GHVSOHJDEOH VHJXLGR DO ERWyQ 'LVSOD\ %~VTXHGD 6LPSOH (OIRUPDWRSRUGHIHFWR GH3XE0HG SDUD PRVWUDUODVFLWDVHVDXWRU WtWXOR IXHQWH \ ORV Q~PHURV 30,' Q TXHLGHQWLILFD HODUWLFXOR HQ ODEDVH3XE0HG \ QXPHURV 8, Q TXH LGHQWLILFD HO DUWLFXOR HQODEDVH0HG/LQH %~VTXHGD VLPSOH (MHUFLFLRV %~VTXHGD $YDQ]DGD %~VTXHGD$YDQ]DGD 4XHUUi XWLOL]DUORVPpWRGRV GH E~VTXHGD DYDQ]DGDFXDQGR EXVTXHWpUPLQRV 0H6+ WLHQHPDV GHXQ FRQFHSWR SDUDEXVFDU QHFHVLWDFRPELQDUWpUPLQRVHVWUDWHJLDV TXLHUHE~VFDU HQXQFDPSR HVSHFtILFR TXLHUHFRORFDUOHOtPLWHV DOD E~VTXHGD FRPRLGLRPD R WLSR GH SXEOLFDFLyQ %~VTXHGD$YDQ]DGD 8WLOL]DUHPRV /LPLWV´ ³,QGH[´ \³+LVWRU\´ HQHO PpWRGR GH E~VTXHGDDYDQ]DGD %~VTXHGD$YDQ]DGD 8WLOL]DQGR HO,QGH[ /D E~VTXHGDSRU ³,QGH[´ RIUHFHXQDOLVWDGRQGH XQ WpUPLQR HQ SDUWLFXODU DSDUHFHDOIDEpWLFDPHQWH HQHO tQGLFH GHODEDVHGH GDWRV\ HO Q~PHUR GH FLWDV HQODTXHHO WpUPLQRHVWi SUHVHQWH (VXQ PpWRGR GHUHFRUUHU HO tQGLFH(O WpUPLQR GHO tQGLFH SXHGH VHU OLPLWDGR DXQFDPSRHQ SDUWLFXDOU HM DXWRU0H6+ WLSRGH SXEOLFDFLyQ %~VTXHGD$YDQ]DGD 8WLOL]DQGR HO,QGH[ %~VTXHGD$YDQ]DGD 8WLOL]DQGR HO,QGH[ 3DU UHOL]DU OD E~VTXHGD ³FRPSOLFDWLRQVDVVRFLDWHG ZLWKK\SHUWHQVLRQ´ XWLOL]DQGR HOLQGH[ &OLFNHH HQ³,QGH[´ (OLMD 0H6+7HUPVGHO PHQ~ GHVSOHJDEOH 7LSHH K\SHUWHQVLRQHQHO FXDGUR ³IRU´ &OLFNHH HQ³9LHZ´ 127$ 5HDOL]DU OD E~VTXHGDSRUORVWpUPLQRV 0H6+ HOLPLQDORVDUWtFXORV GH35(0('/,1( %~VTXHGD$YDQ]DGD 8WLOL]DQGRHO,QGH[ (OLMD \ VHOHFFLRQH GHOD OLVWD K\SHUWHQVLRQFRPSOLFDWLRQV /XHJRFOLFNHH HQHO ERWyQ $1'\ VHUi DJUHJDGR DOD E~VTXHGD 3XHGHFRQWLQXDUDJUHJDQGRWpUPLQRV GH HVWD PDQHUD DOD E~VTXHGDFOLFNHDQGR HQ$1'25R 127 &XDQGRWHQJD HOR ORVWpUPLQRV HQ FXDGUR GH E~VTXHGD FOLFNHH HQHO ERWyQ ³*R´ %~VTXHGD$YDQ]DGD 8WLOL]DQGR ³+LVWRU\´ SDUDFRPELQDUWpUPLQRV E~VTXHGDV 3XE0HG JXDUGDUi WRGDVODVHVWUDWHJLDV \ UHVXOWDGRV GH ODVE~VTXHGDV HQHO³+LVWRU\´ /LVWD \ QXPHUDODVE~VTXHGDV HQHO RUGHQ FRQHO TXHVH KLFLHURQ 3XHGHFRQWHQHUKDVWD HVWUDWHJLDV /D XWLOL]DFLyQ GHO³+LVWRU\´ HVODIRUPD PiVIiFLO GH FRPELQDUE~VTXHGDV HQ3XE0HG %~VTXHGD$YDQ]DGD 8WLOL]DQGR ³+LVWRU\´ SDUDFRPELQDUWpUPLQRV E~VTXHGDV 3DUD FRPELQDUODVE~VTXHGDV $JHG \3UHYHQWLRQRI+HDUW$WWDFNV UHDOLFHODVE~VTXHGDVSRUVHSDUDGR FOLFNHH HQ³+LVWRU\´ (QHO FXDGUR ³6HDUFKIRU´ WLSHHORVQ~PHURV HQODVE~VTXHGDV FRPELQDGDV FRQ$1' \FOLFNHH HQ³*R´ %~VTXHGD$YDQ]DGD 8WLOL]DQGR OD RSFLyQ ³/LPLWV´ /RVFDPSRVOLPLWDQWHV R/LPLWV´ SHUPLWH VHOHFFLRQDU OD E~VTXHGDSDUDTXHVyOR EXVTXH HQ iUHDVVHOHFFLRQDGDV %~VTXHGD$YDQ]DGD 8WLOL]DQGR OD RSFLyQ ³/LPLWV´ 3XHGHOLPLWDU OD E~VTXHGDSRU VHDUFKILHOGFDPSRGH E~VTXHGD SXEOLFDWLRQW\SHWLSR GH SXEOLFDFLyQ ODQJXDJHLGLRPD VXEVHW6XEWHPDV DJHHGDG JHQGHUVH[R KXPDQRUDQLPDOKXPDQRV R DQLPDOHV HQWUH] GDWHIHFKD GH LQJUHVR DODEDVHGHGDWRV SXEOLFDWLRQGDWHIHFKD GH SXEOLFDFLyQ %~VTXHGD$YDQ]DGD 8WLOL]DQGR OD RSFLyQ ³/LPLWV´ &OLFNHH HQOD RSFLyQ ³/LPLWV´ GHOD EDUUD z z z z z z z z z z z z %~VTXHGD$YDQ]DGD $OOLQIDQW QDFLPLHQWRPHVHV $OOFKLOG DxRV $OODGXOW DxRVHQDGHODQWH 1HZERUQ QDFLPLHQWRPHV ,QIDQW PHVHV 3UHVFKRROFKLOG DxRV &KLOG DxRV $GROHVFHQW DxRV $GXOWDxRV 0LGGOHDJHG DxRV $JHG RPiVDxRV DQGRYHU RPiVDxRV %~VTXHGD$YDQ]DGD 8WLOL]DQGR OD RSFLyQ /LPLWV (OLMDORVOLPLWDQWHTXHGHVHHSDUDVXE~VTXHGD 3RUHMHPSOR (OHJLUHPRVORVOLPLWDQWHV &OLQLFDO 7ULDO(QJOLVK ODQJXDJH\+XPDQ %~VTXHGD$YDQ]DGD 8WLOL]DQGR OD RSFLyQ ³/LPLWV´ 8QDYH]TXHORVOtPLWHVHVWiQ VHOHFFLRQDGRVOD RSFLyQSHUPDQHFHUi VHOHFFLRQDGD 3DUD GHVDFWLYDU OD RSFLyQ ³/LPLWV´ FOLFNHH SDUDVDFDU OD FRQILUPDFLyQ (MHUFLFLR %~VTXHGD$YDQ]DGD ,PSULPLU *XDUGDU ,PSULPLU *XDUGDU (VWDVHFFLyQ GHOWXWRULDOOR OOHYDUiSRU 8WLOL]DU HO&OLSERDUGR%ORFGH QRWDV 'LVSOD\GH FLWDV /LQNV GHVGHODVFLWDV ,PSULPLU \ JXDUGDUODVFLWDV *XDUGDUXQDHVWUDWHJLD GH E~VTXHGD 8WLOL]DQGR HO&OLSERDUG (O&OLSERDUGR%ORFGH 1RWDVSHUPLWHJXDUGDU \ YHUODVFLWDVVHOHFLRQDGDV GH XQD RYDULDV E~VTXHGDV /D FLWDV HQHOFOLSERDUG SXHGHQLPSULPLUVH R JXDUGDUVH (O Q~PHURPi[LPR GH FLWDV SHUPLWLGR HQHO &OLSERDUGHV /RVLWHPV FRORFDGRV HQHOFOLSERDUGVH SLHUGHQ GHVSXHV GH XQDKRUD GH LQDFWLYLGDG 8WLOL]DQGR HO&OLSERDUG 3DUDDJUHJDUXQDFLWD DO&OLSERDUGVHOHFFLRQH OD FDVLOOD FOLFNHDQGR DOD L]TXLHUGD GHOD FLWD \ OXHJR FOLFNHH HO ERWyQ ³$GGWR&OLSERDUG´ 8WLOL]DQGR HO&OLSERDUG 3DUDYHUODVFLWDVFRORFDGDV HQHO&OLSERDUG FOLFNHH &OLSERDUG GHVGH OD EDUUD GH RSFLRQHV 9LVXDOL]DFLyQ GH ODVFLWDV /DFLWDV VH YLVXDOL]DQ HQ RUGHQFURQROyJLFR UHYHUVR 3DUD YHUXQDFLWD FOLFNHH HOOLQN 3DUD YHUPiV GH XQDFLWD PDUTXH DTXHOODV UHIHUHQFLDVTXHOH LQWHUHVH HQHO FXDGUR DOD L]TXLHUGD GHOD PLVPD HOLMD HO IRUPDWR HQHOTXH GHVHDYLVXDOL]DUORGHVGH HO PHQ~ GHVSOHJDEOHV\ OXHJRDSUHWH HO ERWyQ ³'LVSOD\´ 3DUD YHUWRGDVODVFLWDV FOLFNHH ³'LVSOD\´VLQ VHOHFFLRQDUQLQJXQDFLWD HQSDUWLFXODU 9LVXDOL]DFLyQ GH FLWDV /RVIRUPDWRVSULQFLSDOHV VRQ VXPPDU\ HOYDORU SRUGHIHFWR TXHVH YH LQLFLDOPHQWH EULHI LQFOX\H SULPHU DXWRU SDUWH GHO WtWXOR Q~PHUR 30,' DEVWUDFW LQFOX\H HO UHVXPHQ VLQORVWpUPLQRV 0H6+ FLWDWLRQ LQFOX\H HO UHVXPHQ FRQ ORVWpUPLQRV 0H6+ 0('/,1( PXHVWUDWRGRVORV FDPSR SRU VHSDUDGR /LQNV GHVGHODV&LWDV 'XUDQWH OD YLVXDOL]DFLyQ GH FLWDV SXHGHQ DSDUHFHUDOJXQR GH ORVVLJXLHQWHV OLQNVHQ D]XO DOD GHUHFKD GH ODVPLVPDV 5HODWHGDUWLFOHV OOHYD D DUWtFXORVVREUH WySLFRVVLPLODUHV RUJDQL]DGRVSRU FRLQFLGHQFLD 3URWHLQ1XFOHRWLGHRU'1$ OOHYD DODEDVH GHGDWRVVREUH HO *HQRPD %RRNV OLQNVD OLEURV GH WH[WRFRPSOHWR ,PSUHVLyQ GH ODVFLWDV $VHJ~UHVH GH KDEHUVHOHFFLRQDGRODVFLWDV HQ HO IRUPDWR HQHOTXHODVQHFHVLWD 'HVGH OD EDUUD GH PHQ~ GH VXQDYHJD HJDG G RU 6HOHFFLRQH ³)LOH $UFKLYR ´ 6HOHFFLRQH ³3ULQW ,PSULPLU ´ *XDUGDQGR&LWDV &OLFNHH HQHO ERWyQ ³6DYH´ SDUDJXDUGDUODV FLWDV HQ VXPiTXLQD /DV FLWDVSXHGHQJXDUGDUVHFRPR XQ DUFKLYR GH WH[WR VLPSOHR FRPR XQ DUFKLYR KWPO 3DUD JXDUGDUFRPRWH[WRHQOD RSFLyQ *XDUGDUGHOHXQ QRPEUH DO DUFKLYR FRQOD H[WHQVLyQ ³W[W´ 3DUDJXDUGDUFRPR KWPOHQOD RSFLyQ *XDUGDUGHOHXQ QRPEUH DO DUFKLYR FRQOD H[WHQVLyQ ³KWPO´ *XDUGDQGRXQDHVWUDWHJLD GH E~VTXHGD 3XHGHJXDUGDUVXHVWUDWHJLD \ YROYHU D XWLOL]DUOD SHULyGLFDPHQWH &RQVWUX\DVXHVWUDWHJLD GH E~VTXHGD &OLFNHH HQHO ERWyQ ³'HWDLOV´ &OLFNHH HQHO ERWyQ 85/ *XDUGDQGRXQDHVWUDWHJLD GH E~VTXHGD 'HVSXHV GH FOLFNHDU HO ERWyQ ³85/´ 3XE0HG YROYHUi D UHDO]LDU OD E~VTXHGD &RQHO UHVXOWDGR GHOD E~VTXHGD HQ VX SDQWDOODVROR DJUpJXHOR D ORV ERRNPDUNV R IDYRULWRV R SXHGHFRSLDUOD \ SHJDUOD HQ FXDOTXLHUDUFKLYR ,PSULPLU \ *XDUGDU (MHUFLFLR -RXUQDO%URZVHU -RXUQDO%URZVHU -RXUQDO%URZVHU SHUPLWHEXVFDUXQDSXEOLFDFLyQ SRU HO WtWXOR,661R SRU OD DEUHYLDWXUD GH 0('/,1(MRXUQDO \ YLVXDOL]DUODVFLWDV GH HVD SXEOLFDFLyQ 3DUD DFFHGHU FOLFNHH HQ-RXUQDO%URZVHU LQJUHVH HO WtWXORFRPSOHWR R DEUHYLDWXUD GH 0('/,1( HQHO FXDGUR GH E~VTXHGD \ FOLFNHH HO ERWyQ ³*R´ -RXUQDO%URZVHU /DRSFLyQ -RXUQDO%URZVHU PRVWUDUi XQ OLVWDGR GH SRVLEOHVFRLQFLGHQFLDV FDGDXQR FRQHO WtWXOR FRPSOHWR Q~PHUR ,661\OD DEUHYLDWXUD GH 0('/,1( &OLFNHH HQOD DEUHYLDWXUD GH0('/,1( SDUD REWHQHUODVFLWDV GHOD SXEOLFDFDLyQGLVSRQLEOHV HQ 3XE0HG &OLFNHH HQHO Q~PHUR ,661 SDUDREWHQHU LQIRUPDFLyQVREUH OD SXEOLFDFLyQ HGLWRUZHEVLWH HWF -RXUQDO%URZVHU &XDQGRFOLFNHH OD DEUHYLDWXUD GH0HGOLQH-RXUQDO %URZVHU UHDOL]DXQDE~VTXHGD GH HVDUHYLVWD \ PXHVWUDORVUHVXOWDGRVFRPRFXDOTXLHURWUD E~VTXHGD -RXUQDO%URZVHU RIUHFH OLQNVD ODVSXEOLFDFLRQHV RQOLQH ([LVWHWDPELHQOLVWDRUJDQL]DGDSRU HGLWRU /DVSXEOLFDFLRQHVH[LVWHQWHV HQODZHE JHQHUDOPHQWHRIUHFHQDFFHVR DO WH[WR FRPSOHWR 5HJLVWUR GHXVXDULR WDULIDSXHGH VHU UHTXHULGRSDUDDFFHGHU DO WH[WRFRPSOHWR -RXUQDO%URZVHU (MHUFLFLR 0H6+%URZVHU 0H6+%URZVHU &DGDFLWD GH0('/,1(HQODEDVHGHGDWRVGH 3XE0HGHVLQGH[DGD FRQ ORV(QFDEH]DGRV GH 7HPDV0pGLFRV 0HGLFDO6XEMHFW+HDGLQJVR 0H6+TXHGHVFULEHQ HO WHPDFRQWHELGR HQHO DUWtFXOR (O0H6+%URZVHUGH3XE0HG SHUPLWH OD E~VTXHGD GH FLWDVSRUWpUPLQR 0H6+ 0H6+%URZVHU z z z HVXQYRFDEXODULRFRQWURODGRGHWpUPLQRV ELRPpGLFRVTXHLGHQWLILFDQHOFRQWHQLGRGHFDGD DUWtFXORHQODEDVHGHGDWRV0('/,1( (O0H6+FRQWLHQHXQRVWpUPLQRV E~VTXHGDHQHO0H6+%URZVHU SHUPLWHPRVWUDU WpUPLQRV0H6+HQXQDHVWUXFWXUDMHUiUTXLFD VHOHFFLRQDUORVWpUPLQRV0H6+SDUDODE~VTXHGD OLPLWDUORVWpUPLQRV0H6+DXQFRQFHSWRPD\RU 0H6+%URZVHU 5HDOL]DUHPRVXQDE~VTXHGD FRPSDUDQGR OD HILFDFLD GH OD WHUDSpXWLFD FRQ GURJDV FRQWUDOD FLUXJtD HQHO FiQFHU GH SUyVWDWD &XDQGRUHDOL]DPRVXQDE~VTXHGD VLPSOHGH ORVWpUPLQRV SURVWDWHFDQFHUGUXJWKHUDS\\ VXUJHU\ QRVGDFRPRUHVXOWDGR FLWDV\OD PD\RULD QRVH UHODFLRQD FRQ QXHVWUDE~VTXHGD 3RGHPRVXWLOL]DU HO0H6+ EURZVZHUSDUDUHILQDU QXHVWUDE~VTXHGD 3DUD HQFRQWUDU HO HQFDEH]DGR 0H6+ FRUUHFWRLQJUHVH HO SULPHU WpUPLQR GHOD E~VTXHGD HQHO IRUPXODULR GHO0H6+ EURZVHU 0H6+%URZVHU &RPR FiQFHU QRHVXQ WpUPLQR0H6+3XE0HG QRV RIUHFHUi HO WpUPLQRUHODFLRQDGR PiVFHUFDQR SDUD OD E~VTXHGD 7DPELpQPRVWUDUi OD XELFDFLyQMHUiUTXLFD GHO WpUPLQR \ ODVGHILQLFLRQHVPiVDPSOLDV R HVSHFtILFDV TXHOR URGHDQ $GG SHUPLWHXWLOL]DU HO WpUPLQR FRQ WRGRVORV VXEHQFDEH]DGRV (O'HWDLOHG'LVSOD\ SHUPLWHUHILQDU HO WpUPLQR \ VHOHFFLRQDUVXEHQFDEH]DGRV3DUD QXHVWUDE~VTXHGD YDPRVD HOHJLUHVDRSFLyQ 0H6+%URZVHU 0H6+%URZVHU (O'HWDLOHG'LVSOD\ SHUPLWHUHILQDU OD E~VTXHGD \ VHOHFFLRQDUVXEHQFDEH]DGRV 6HOHFFLRQH GUXJWKHUDS\\VXUJHU\\ FOLFNHH HQ $GG 0H6+%URZVHU 3XE0HGPRVWUDUi OD HVWUDWHJLD GH E~VTXHGD KDVWD HO PRPHQWR 'HVGHDTXLSRGHPRVYROYHU D3XE0HG \ YLVXDOL]DUORVUHVXOWDGRV GHOD PLVPD R SRGHPRV HOHJLUDJUHJDUOHWpUPLQRV 0H6+%URZVHU &RPRHVWDPRVEXVFDQGRHVWXGLRVFRPSDUDWLYRV WLSHH HO WpUPLQR GH E~VTXHGD FRPSDUDWLYH VWXG\HQHO FXDGUR GHOD SDUWHDOWD GHOD SDQWDOOD \ FOLFNHH HQ*R 0H6+%URZVHU 'HVGHDTXt SRGHPRVHOHJLUODVRSFLRQHV ³GHWDLOHGGLVSOD\´ R ³DGG´ SDUDDJUHJDU HO WpUPLQR D QXHVWUDE~VTXHGD FRQ WRGRVORV VXEHQFDEH]DGRV &RPR TXHUHPRVXWLOL]DUWRGRVORV VXEHQFDEH]DGRVFOLFNHDPRV HQ$GG 0H6+%URZVHU 8QDYH]PiVYHPRV OD VHQWHQFLD GH E~VTXHGD KDVWD HO PRPHQWR &RPR DKRUDWHQHPRV OD E~VTXHGDVREUH OD FRPSDFLyQ GH WUDWDPLHQWRV HQHO FiQFHU GH SUyVWDWD YDPRV D YHUORVUHVXOWDGRV &OLFNHH HQ 3XE0HG6HDUFK SDUDREWHQHUORV (VWRV VRQ ORVUHVXOWDGRV GHOD E~VTXHGD 3XHGH YHUODVFLWDV FOLFNHDQGR HQHO QRPEUH GHO DXWRU 7DPELpQSXHGHOLPLWDU JXDUGDU R LPSULPLU GHVGHHVWDSiJLQD 0H6+%URZVHU (MHUFLFLR 6LQJOH&LWDWLRQ0DWFKHU 6LQJOH&LWDWLRQ0DWFKHU (VWDKHUUDPLHQWDSHUPLWHHQFRQWUDUXQD FLWDHVSHFtILFDXWLOL]DQGRLQIRUPDFLyQ FRPELQDGD GH FXDOTXLHUD GH ORV VLJXLHQWHVFDPSRV QRPEUH GHOD SXEOLFDFLyQ YROXPHQ Q~PHUR Q~PHUR GH SiJLQD DxR GH SXEOLFDFLyQ DXWRU 6LQJOH&LWDWLRQ0DWFKHU (VWH HVXQDUHFXUVRXWLOFXDQGR VH WLHQHXQD FLWDLQFRPSOHWD R LQFRUUHFWD 3XHGHGDUOH OD LQIRUPDFLyQTXHWLHQH D3XE0HGSDUD TXH PXHVWUH OD FLWDFRPSOHWD 6LQJOH&LWDWLRQ0DWFKHU &LWDWLRQ0DWFKHU VROR UHTXLHUH XQFDPSR SDUD UHDOL]DU OD E~VTXHGD SHURSXHGHXWLOL]DUWRGRVORV TXHTXLHUD +D\DOJXQDVVLWXDFLRQHVGRQGH &LWDWLRQ0DWFKHU SXHGHD\XGDUOR (MHPSORXQR &LWDLQFRPSOHWD (MHPSORGRV &LWDLQFRUUHFWD (MHPSOR WUHV &RQWHQLGR GH SXEOLFDFLRQHV 6LQJOH&LWDWLRQ0DWFKHU (MHPSOR XQR 6XSRQJDPRV TXHSRVHH HO DSHOOLGR GH XQDDXWRU \HO Q~PHUR GH SiJLQD SHUR QR SRVHHPDVUHIHUHUHQFLDV 6ROR LQJUHVHHVDLQIRUPDFLyQ HQ&LWDWLRQ0DWFKHU\ REWHQJD OD FLWDFRPSOHWD 6LQJOH&LWDWLRQ0DWFKHU (VWH HVHO UHVXOWDGRTXH&LWDWLRQ0DWFKHU PXHVWUD 6LQJOH&LWDWLRQ0DWFKHU (MHPSORGRV 8WLOtFHORFXDQGR OD FLWDDSDUHQWD VHU LQFRUUHFWD 6XSRQJDPRVTXHWLHQH OD LQIRUPDFLyQ .RXWLQDV $V\PSWRPDWLFEDFWHULXULD LQSXSSLHV9HW 0LFURELRO SHURFXDQGR OD EXVFD QRHVXQ DUWtFXOR 3XHGH SUREDUVLH[LVWHFRORFDQGRSDUWHV GHODLQIRUPDFLyQ 6LQJOH&LWDWLRQ0DWFKHU &LWDWLRQ0DWFKHU WUDH HO DUWtFXOR \ SRGHPRV YHU TXHHO Q~PHUR GHOD HGLFLyQ HUD LQFRUUHFWR HQHORULJLQDO 6L OD E~VTXHGD QR WUDHQLQJ~QUHVXOWDGR SUXHEHYROYHUDWUiVVDFDUDOJXQDVSDUWHV GH LQIRUPDFLyQ \ FRORFDURWUDV 6LQJOH&LWDWLRQ0DWFKHU (MHPSORWUHV 3XHGHXWLOL]DU HO&LWDWLRQ0DWFKHU SDUDUHFRUUHU ORVFRQWHQLGRV GH XQDSXEOLFDFLyQ 6XSRQJDPRV TXH EXVFD XQ DUWtFXOR SHURORV~QLFRV GDWRVTXH WLHQH HVTXH IXHSXEOLFDGR HQ%RQH HQ6ROR FRORTXH OD LQIRUPDFLyQ HQ&LWDWLRQ0DWFKHU\ UHFRUUD OD OLVWD GH DUWtFXORVSXEOLFDGRV &OLSERDUG 3RUWDSDSHOHV &OLSERDUG 3RUWDSDSHOHV (OSURSyVLWR GHO&OLSERDUGHVYHU R JXDUGDU WHPSRUDULDPHQWHODVFLWDVVHOHFFLRQDGDV GH XQD R PiVE~VTXHGDV 3DUD VHOHFFLRQDUODVPDUTXH HO FXDGUR DOD L]TXLHUGD GHOD FLWD \ OXHJRFOLFNHH HQHO ERWyQ $GGWR&OLSERDUG 3DUD YLVXDOL]DUODV FOLFNHH HQ&OLSERDUG HQOD EDUUD GH RSFLRQHV &OLSERDUG 3RUWDSDSHOHV (O Q~PHURPi[LPR GH FLWDV TXHVH SXHGH JXDUGDUHVGH /DV FLWDVVHUiQJXDUGDGDVSRU HO SHUtRGR GH XQDKRUD &OLSERDUG 3RUWDSDSHOHV 3ULPHUDFLWDJXDUGDGD HQHO&OLSERDUG &OLQLFDO4XHULHV %~VTXHGDVFOtQLFDV &OLQLFDO4XHULHV %~VTXHGDVFOtQLFDV &RQWLHQHILOWURVSDUD OD E~VTXHGD 3UHVHQWDFXDWURFDWHJRUtDVSDUD ODVHOHFFLyQ WHUDSpXWLFD WKHUDSHXWLFV GLDJQyVWLFR GLDJQRVLV HWLRORJtD HWLRORJ\ SURQyVWLFR SURJQRVLV &OLQLFDO4XHULHV %~VTXHGD FOtQLFDV 2IUHFH GRV QLYHOHVSDUDHQIDWL]DU VHQVLELOLGDG VHQVLWLYLW\ LQFOX\HODV FLWDVPiVUHOHYDQWHV SHURSUREDEOHPHQWH LQFOX\DDOJXQDV QRWDQ UHOHYDQWHV HVSHFLILFLGDG VSHFLILFLW\ LQFOX\HODV FLWDVPiVUHOHYDQWHV SHURSXHGHRPLWLU DOJXQDV &OLQLFDO4XHULHV %~VTXHGDV FOtQLFDV 3DUDXQDUHDOL]DUXQDE~VTXHGDXWLOL]DQGR VHQVLELOLGDG VHQVLWLYLW\ FOLFNHH HQHO ERWyQ GHUDGLRDOD L]TXLHUGD GHVHQVLWLYLW\ ,QJUHVHORVWpUPLQRVXWLOL]DQGR $1' FRPR FRQHFWRU8VH PD\~VFXODV &OLQLFDO4XHULHV %~VTXHGDV FOtQLFDV (VWDHVOD SULPHUDFLWD GH ODV HQFRQWUDGDV $KRUDLQWHQWHUHDOL]DU OD PLVPDE~VTXHGD XWLOL]DQGR VSHFLILFLW\ HVSHFLILFLGDG &OLQLFDO4XHULHV %~VTXHGDV FOtQLFDV (OLMDXQDFDWHJRUtD \XQ RSFLyQ GH pQIDVLV &OLQLFDO4XHULHV %~VTXHGDV FOtQLFDV 7LSHHORVWpUPLQRVSDUD OD E~VTXHGD 6L FRQRFHHQFDEH]DGRV 0H6+ XWLOtFHORV FRQ OD HWLTXHWD HM*LQJLYLWLV>PK@$1'GHQWLIULFHV>PK@ 2WUDPDQHUDHVWLSHDUODVSDODEUDV \ VHUiQEXVFDGDV HQ WRGRVORV FDPSRV &OLFNHH HQHO ERWyQ 6HDUFK &OLQLFDO4XHULHV %~VTXHGDV FOtQLFDV /DVLJXLHQWHHVODSULPHUDFLWDHQFRQWUDGD&OLFNHH HQHO ERWyQ'HWDLOVSDUDYHUORVWpUPLQRVDJUHJDGRVDOD VHQWHQFLD &OLQLFDO4XHULHV %~VTXHGDVFOtQLFDV &OLQLFDO4XHULHV %~VTXHGDVFOtQLFDV /D E~VTXHGD GHHMHPSOR IXHLQWHUSUHWDGDFRPR VH PXHVWUDDEDMR'RXEOH$1' EOLQG25 SODFHER IXH HOILOWUR GH E~VTXHGDTXH IXHDJUHJDGR DOD VHQWHQFLD (MHUFLFLRV &OLQLFDO4XHULHV /RDQVRPH'RF /RDQVRPH'RF HVXQ PpWRGRSDUDVROLFLWDUGRFXPHQWRV GH3XE0HG VL VH HQFXHQWUDDILOLDGR D XQDELEOLRWHFDTXHSURYHD HO 6HUYLFLR 0$3(2$8720È7,&2'( 7e50,126 z /RVWpUPLQRVGHE~VTXHGDQRFXDOLILFDGRV LQWURGXFLGRVHQHOIRUPXODULRVRQ FRPSDUDGRVHQHVWHRUGHQFRQWUDORV VLJXLHQWHVFXDGURVGHE~VTXHGD ± 0H6+ ± UHYLVWDV ± OLVWDGHIUDVHV ± tQGLFHGHDXWRUHV z z z z z z 0$3(2$8720È7,&2'( 7e50,126 &XDGURGHWUDGXFFLyQD0H6+ &RQWLHQHORVWpUPLQRV0H6+VXEHQFDEH]DPLHQWRV\ VLQyQLPRVGHO0H6+ &XDGURGHWUDGXFFLyQGHUHYLVWDV &RQWLHQHHOQRPEUHFRPSOHWRGHODUHYLVWDDEUHYLDWXUD \Q~PHURGH,661 &XDGURGHIUDVHV 6LQRHQFXHQWUDUHVXOWDGRVHQHO0H6+QLHQODV UHYLVWDV3XE0HGFRQVXOWDXQOLVWDGRGHIUDVHV SURYHQLHQWHVGHODQiOLVLVGHORVWtWXORVUHV~PHQHV\ QRPEUHVGHORVSULQFLSLRVDFWLYRV 0$3(2$8720È7,&2'( 7e50,126 z z z ,QGLFH GHDXWRUHV 6LQRORFDOL]DORVDQWHULRUHVDSDUWDGRV3XE0HG UHYLVDHOtQGLFHGHDXWRUHV (QHOVXSXHVWRGHTXH3XE0HGQRHQFXHQWUH UHVXOWDGRV GHVFRPSRQHODIUDVH KDVWDHQFRQWUDUUHVXOWDGRV 6L IXHUDQSRVLWLYRVFRPELQDUiORVWpUPLQRVPHGLDQWH HORSHUDGRU$1'\EXVFDUiHQWRGRVORVFDPSRV